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Panama Real Estate - Legal Issues |
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For the past years, real estate in Panama has been on the upside. The flourishing real estate industry caused a lot of relocation and speculation on rapid price appreciation. The latter is known as flipping. So even though the industry seems to be at its peak, one needs to exercise caution when signing real estate contracts or deals in Panama. It is best to hire lawyers to review your contracts before you sign them. Spending $300.00 for a respected law firm like ours is a good investment considering the risks of loosing a lot more if the contract proved to be fraudulent.
Let us get in touch of the problems that hound Panama real estate industry.
Panama Real Estate Broker Supplied Panama Corporation or Foundation – At first this contract is very attractive indeed. Imagine purchasing a real estate and they provide a Panama Corporation for free. But the problem is when you renew the corporation on the second year. Sure the first year is free courtesy of the broker of the real estate. But on the second year, you might end up paying more than what you have bargained for. For example, our law firm charges $695.00 in complete annual fees on the second year of the Panama Corporation. Our rates are already dirt cheap. Some even have the guts to charge clients more than twice our rates. Another legal problem that hounds Panaman real estate is the lack of attorney-client privilege. Getting the free corporation or foundation may instead prove to be detrimental to your asset protection structure.
Panama Real Estate Project Fails to Complete – Sometimes things happen which forces a real estate project to be abandoned even if initial payments have been made by clients. Even if you have already paid a certain percentage of the aggregate cost of the real estate property or project, there's a big possibility that developers will not refund you for the whole amount of your money. They will cite as reasons the current market economy, interest rates, etc. Now, since litigation is quite expensive and the government tend so ignore plea for help of this kind, it is best that you consult our law firm so we can plan ahead and discuss the other options that you can take.
Panama Real Estate Builder Behind Schedule – There are instances wherein the client is religiously paying her/his dues but the one who is way behind schedule is the developer. Actually, this is a normal occurrence nowadays in Panama. This is probably because of the shortage of raw materials due to the so called real estate boom.
Panama Real estate Purchased by a Panama Corporation – Beware of such deals since in this deal, you do not have the company shares. There are legal steps that you can immediately undertake so we suggest that you consult our law firm the soonest possible time.
Panama Real Estate Purchase Made, Money Wired & No Contract – This need immediate attention since it is very bad circumstance for you, the client. Our law firm handles such incidents.
Rented a Panama Apartment with no Written Contract – Never let this slide since the owners can easily leave you open for liability. You can contact our law firm so as to plan the course of action immediately.
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